Emily Vuong

🧧Guidelines for automatic transaction refunds - lifetime for traders or trading on #Binance:

💵Don't underestimate small money, high-frequency trading can even result in refunds that exceed the initial capital many times over.

1/ Register through the link: Binance.com

2/ The words 'Link' will appear with your referral, just click ok to complete.

3/ When the link is successfully established, the words 'retrieve' will appear as shown in the successful image.

👉When trading, you will get cash back to your spot wallet and future wallet.

If successful, you can send the last 3 digits of your ID for me to check again.

📌 Pi App Studio has just released a new feature update, marking an important development step for the Pi Coin ecosystem. This news has attracted the attention of the community as Pi continues to expand its functionality and user experience.

📌 The new updates focus on enhancing the dApp development experience on the Pi platform, aiming to attract more developers and projects to join the ecosystem early.

📌 The price movements of PI Coin reacted positively for a brief moment after the news, although the increase was not very strong. Prices fluctuated within a narrow range as the overall cryptocurrency market remains cautious.

📌 The community is paying attention to the fundamental growth signals of Pi:
- TVL and active user traffic in Pi App Studio are increasing,
- Some mini-game and utility projects have started deploying testnets, creating long-term incentives.

📌 However, large capital flows have not yet returned strongly, as evidenced by liquidity not breaking through on the spot exchange.

📍 BTC/ETH OPTION EXPIRY MARCH 2026 AND MARKET DYNAMICS
📌 The expiry of BTC & ETH options for March 2026 is approaching, with the total open interest (OI) remaining high, reflecting strong market expectations despite price fluctuations.
📌 #Bitcoin (#BTC):
- The open interest volume for BTC options in March remains large, indicating that betting activity is still dense as the market approaches the expiry date.
- Important “strike prices” are concentrated around the current price level, indicating that market sentiment is balanced between bullish and short-term neutral positions.
📌 #Ethereum (#ETH):
- The OI for ETH options in March remains high, with many positions at price levels considered technically important.
- The put/call ratio is not too skewed, implying that cash flow is not overly leaning to one side before expiry.
📌 Impact on the market:
- Before the option expiry, the cryptocurrency market often witnesses increased liquidity and spread volatility, as option holders restructure their positions.
- Especially with BTC, prices hovering around key psychological levels may be “swept” strongly if large option sellers seek liquidity.
📌 Option data shows that both the bullish and bearish sides are preparing, with no strong dominance towards one side. This increases the likelihood of significant volatility in the short term, especially as the expiry liquidity is absorbed. $ETH
$BTC

📍 ONDO discounts as TVL reaches a new peak

📌 Ondo Finance (ONDO) continues to face price adjustment pressure, contrary to on-chain developments, as TVL records a new all-time high (ATH).

📌 Data from CryptoQuant shows that the average size of spot orders has sharply decreased, especially in the big whale orders group. The green dots have noticeably shrunk -> whales are no longer placing large orders, and significant capital is temporarily withdrawing from the spot market.

📌 The decline in ONDO's price is not due to capital withdrawal from the protocol, but rather a lack of proactive buying power from large players in the short term. The increase in TVL reflects long-term locked capital, which does not equate to immediate price support in the secondary market.

📌 Familiar structure:
- TVL increases -> confidence in the model, product, and long-term cash flow
- Order size decreases -> thin liquidity, weak buying power, and price is prone to slippage
📌 The market is entering a phase of disconnection between on-chain fundamentals and price action. ONDO is currently trading in a state of lacking leadership, as large capital has yet to return to push the price.

$ONDO

The macro momentum indicators suggest that Bitcoin is entering a phase of cooling adjustment. The Hot Capital Share has decreased from 37.6% to 35.5%, approaching the lower bound of the statistics. This change indicates a decline in short-term speculative activity, making way for more patient capital from long-term investors. $BTC

$XRP is repeating the discount model of 2022?

📍The institutional cash flow remains tightly anchored to Bitcoin $BTC

📌 Looking at the custodial wallets in the US - the group typically holds 100–1,000 BTC/wallet. Excluding exchanges and miners, this is a relatively clean slice to read institutional demand. The data includes ETFs.

📌 +577K BTC has been accumulated in the past 12 months - equivalent to ~$53B at current prices. And more importantly: the cash flow has not stopped.

📌 This accumulation of cash flow is certainly for long-term goals, reflecting the role of #Bitcoin in the asset allocation structure of institutions - as institutional risk and fiat currency continue to balloon.

➡️ Bitcoin is gradually moving away from the “technology speculation” narrative, entering the core asset strategy of large cash flows.

📍ETHGas launches token GWEI, airdrop for users who have paid gas fees on Ethereum $ETH

📌 ETHGas announces the release of the governance token $GWEI along with the community airdrop program named Genesis Harvest. The recipients of the airdrop are wallets that have previously paid gas fees on Ethereum. The snapshot is expected to take place on January 19, 2026.

📌 $GWEI is used for governance and coordination of the ETHGas ecosystem. Holders can stake to receive veGWEI and participate in voting on decisions related to technical parameters, contract upgrades, and fund allocation.

📌 The total supply of $GWEI is 10 billion tokens, allocated for the ecosystem, team, investors, and community. The portion allocated for the community will be used for airdrops and programs to incentivize users.

📌 Previously, ETHGas raised $12M in a seed round and launched a blockspace futures market on Ethereum, aiming to connect validators and block builders with liquidity commitments.

📍MicroStrategy opens up the ability to purchase more Bitcoin larger than the recent $1.25 billion deal
📌 Chairman Michael Saylor of MicroStrategy posted an image with the caption “₿igger Orange” on social media X, interpreted by many market analysts as a signal of an upcoming purchase of Bitcoin on a larger scale than the ~13,627 BTC worth $1.25 billion that was completed last week. If it occurs, the total Bitcoin holdings could exceed 700,000 BTC.
📌 This purchase occurs against the backdrop of Strategy (ticker MSTR) shares dropping over 50% in the past year and the market value to net asset value (mNAV) discount narrowing significantly, making the fundraising model to buy Bitcoin more challenging.
📌 Strategy has raised capital through common and preferred stock issuance to continue buying Bitcoin, but the shift of institutional capital into spot Bitcoin ETF funds is gradually diminishing the leverage they once had.
📌 If the upcoming purchase is larger than before, Strategy's Bitcoin stash will rank among the top globally, only behind ETF funds like BlackRock's IBIT and the estimated amount owned by Satoshi Nakamoto.
📌 This development continues to show the company following a strategy of accumulating Bitcoin despite the unpredictable capital market and MSTR shares facing significant pressure, creating many hot spots for investors. $BTC

📍BitMine faces a governance crisis after the shareholder meeting in Las Vegas

📌 BitMine faced negative reactions from shareholders after the annual meeting held in Las Vegas. Many senior leaders did not appear in person, and the voting process and information disclosure were criticized for lacking transparency.

📌 The focus of the debate revolves around the company's new strategic direction. BitMine is shifting from an Ethereum staking model to the ambition of becoming a large-scale capital allocation entity, likened to "digital Berkshire."

📌 Some shareholders expressed concerns about non-core investments, including a significant funding deal with Beast Industries (related to MrBeast), arguing that this increases risk in the context of BitMine holding a large amount of ETH on its balance sheet.

📌 The developments raise questions about BitMine's governance capabilities and internal oversight mechanisms as the asset scale and operational scope expand rapidly. $ETH

📍Retail leverages into Bitcoin options – the market enters a distressing noise zone
📌Retail investor options trading has risen to ~22% of total volume, nearly double that of 2022. Both call and put options have increased -> this is a bet on short-term volatility.
📌Thin order book, high gamma. Prices remain elevated but trading liquidity is weak. Retail increasing options positions forces market makers to hedge quickly -> volatility is amplified, making it very easy to sweep both sides.
📌Volatility comes from political shocks – tariffs, trade retaliation – rather than from the inherent characteristics of the crypto market. US-EU trade tensions elevate policy risk. This type of instability directly impacts implied volatility, causing put demand to swell and skew to distort.
📌Retail options explosions often occur during periods of sideways accumulation. Large liquidations typically follow. $BTC

InfoFi died after X changed its policy. Nearly 160K members of the Kaito Yapper community lost their playground. Kaito announced the withdrawal of the Yaps system and switched to Kaito Studio with a commitment to tighten farming activities, expanding to other social media platforms like YouTube and TikTok instead of X.
Even if there are changes in direction with temporary solutions, rescuing Y2E will be very difficult. X is the most popular social channel for crypto participants. The floor price of NFT Yapybaras dropped by half in the blink of an eye. $KAITO

For the first time in many months, Bitcoin ETF recorded a $760M inflow in just one day. The flow of funds from ETFs has brought the YTD back to a positive level. $BTC

🟠Nearly 36M $ETH (30% of total supply) - equivalent to $119B staked.

This number continues to increase significantly in the early days of the year. After remaining flat for several months since last August, the amount of #ETH locked has increased from 35.5M to 35.9M in a short period, marking the end of a stagnant phase.
$ETH

Ethereum is approaching the $4,000 zone as multiple network metrics improve simultaneously, despite the current price fluctuating around $3,400–$3,450.

On-chain data shows nearly 400,000 new wallets created in just one day, along with a new weekly active address peak. The significant increase in activity is attributed to reduced transaction fees following recent upgrades and genuine demand from stablecoins, payments, and DeFi.

Large inflows continue to accumulate ETH, increasing the expectation that the price could target the $4,000 range if it breaks through the resistance at $3,450—the level considered a confirmation point for the short-term uptrend. $ETH

The Memecoin NYC Token, linked to former New York City Mayor Eric Adams, dropped over 80% in just a few hours, sparking concerns of a 'rug pull'.

The token was widely promoted on social media, with market capitalization reaching as high as $580M–$730M at its peak, but quickly plummeted after $2.5M–$3.4M in liquidity was withdrawn from the pool.

On-chain data also revealed that a group of large wallets held a dominant share of the supply, increasing concerns about market manipulation.

Eric Adams denied the rug pull allegations, stating he did not profit from the project and that the liquidity adjustment was 'part of the operational process.' However, the incident has made NYC Token a focal point of debate over the transparency of celebrity-backed memecoins.

The SEC has officially closed its investigation into the Zcash Foundation, concluding a review process that began in August 2023. The organization stated that no enforcement actions or penalty proposals were issued.

Following the announcement, the price of ZEC rose by approximately 10-12%, reaching a high of $437 at one point, as the project's largest legal risks were temporarily removed.

This move comes amid the SEC's recent closure of several other investigations in the crypto space.

Internally, the news from the SEC was released just weeks after the core development team at Electric Coin Company departed the project to establish a new company, indicating that Zcash remains in a period of organizational instability. $ZEC

📍YZi Labs invests funds into Genius Trerminal, CZ clearly showing strong support for the project
📌 This transaction is not just a few seed funding rounds. YZi Labs announced a direct investment of eight figures into Genius Trading - an on-chain terminal aiming to take over the CEX space with its execution + privacy structure.
📌 Genius does not follow the traditional DEX model. The project envisions a unified terminal enabling spot - perpetual - copy trading across more than 10 chains, aggregating on-chain liquidity without the need for complex bridges. The soft launch has already processed over $60M in volume - a figure sufficient to indicate the user base is not retail.
📌 The key point is privacy for large orders. Genius uses MPC mechanisms, split-route strategies, and multiple layers of confidential order routing to minimize strategy exposure. The fact that smart money and whales trade on Hyperliquid is a major limitation, as these whales are reluctant to expose their trading behavior.
📌 CZ plays a strategic advisor role in the project. After Aster, this might be the next project CZ wants to take on an "ambassador" role - actively promoting the project from the early stage. The vision suggests Genius could be Binance's privacy-first version, focusing on serving large capital flows rather than a general public app.

📍ZKsync announces 2026 roadmap: Privacy becomes the priority

📌 ZKsync has just released its 2026 roadmap, shifting from a Layer-2 serving retail to a zero-knowledge infrastructure for enterprises and financial institutions, where privacy and data control are mandatory.

📌 Prividium is the most crucial component: default privacy, integrated into transactions, identity, permissions, approvals, and auditing. The goal is to enable enterprises to operate on-chain while keeping sensitive data confidential.

📌 ZK Stack is upgraded into a unified multi-chain system: public chains and private chains interact seamlessly, share liquidity and features without requiring external bridges.

📌 Airbender aims to standardize zkVM for Ethereum: safer, faster, scalable for enterprise use, and opens broader integration opportunities within the ecosystem.

📌 ZKsync CEO's perspective: not racing for 'cheap – fast', but building blockchains according to traditional financial system standards – secure, predictable, serving real enterprises.

ZKsync aims for 2026 to be the year zero-knowledge enters the real financial world, redefining the role of Layer-2 in blockchain infrastructure. $ZK

📍 Is the market recovering and falling again, or continuing the bull run?

📌 Market - the surface of the liquidity cycle
- The unfavorable factor is that USD expansion is unlikely to be broadened in 2026:
- The U.S. Treasury's TGA drained over $350B from the system by late 2025 - early 2026, putting pressure on risk asset prices.
- Reverse Repo dropped sharply from $2.2T (2022) to just ~$230B by the end of 2025, seemingly indicating a time for Fed liquidity injection. However, the depletion of RRP means the system no longer has a cushion to absorb additional USD.
- Long-term yields remain elevated: UST 10Y is in the 4.1–4.3% range, keeping capital costs at a level that strangles risk appetite, despite Fed暗示 cutting rates.
📌 The brightest sign is that the Fed has eased its stance
- The Fed has promised continued rate cuts, though real financial conditions do not yet support rapid easing.
- The positive aspect is that QT has been paused since December 2025.
- SOFR has dropped to 3.75%, making markets more comfortable.
📌 U.S. fiscal policy is also a concern
- Washington is trying to keep USD tight to combat inflation and heavy fiscal debt.
- U.S. interest payments exceed $1.2T per year, higher than the total GDP of many G20 countries.
- Public debt surpasses $35T, forcing the Treasury to continuously draw funds through short-term bill issuance.
- As fiscal policy remains deeply embedded in the system, the Fed finds it difficult to significantly ease monetary policy. Crypto is caught in a 'double squeeze': fiscal policy draining funds – monetary policy not opening the floodgates.
-> Crypto 2026 is not at the beginning of the cycle. It seems everything is at a pause, waiting for ETF inflows to lead the way. $BTC